Acceptance of shares awarded in terms of the Discovery Long-Term Incentive Plan
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond code: DSYI
(“Company” or “Group”)
ACCEPTANCE OF SHARES AWARDED IN TERMS OF THE DISCOVERY LONG-TERM INCENTIVE PLAN
In compliance with the JSE Limited Listings Requirements, notification is hereby given that the following executive
directors and directors of major subsidiaries of the Company have accepted the award of ordinary shares in the
The Discovery Long-term incentive plan (LTIP) which was approved by shareholders at the annual general meeting
(AGM) held on 28 November 2019, replaces the cash-settled LTIP with an equity-settled LTIP to align with local
and global best practice in incentivising, motivating and retaining the right calibre of executives and senior
management with the Group. As outlined in the remuneration report of the Integrated Annual Report
(Remuneration report) which was made available to shareholders as part of the AGM notice, the performance
conditions are aligned to the organic growth methodology of the Group and the vesting criteria take account of
the feedback received following shareholder engagement after the 2018 AGM non-binding advisory vote.
Accordingly, the awards accepted by executive directors and directors of major subsidiaries, as contained in this
announcement, will vest from between the 3rd and 5th anniversary of these awards (between 1 October 2022 and
1 October 2024), provided the necessary vesting criteria have been achieved as outlined in the Remuneration
The nature of the interest in respect of each of these awards is direct beneficial, the transactions have occurred
off-market and the necessary clearances have been obtained.
Executive director Acceptance date Number of shares Reference Deemed
accepted price* transaction value
Adrian Gore 20 December 2019 76,399 R114.58 R8,753,797
Barry Swartzberg 20 December 2019 15,372 R114.58 R1,761,324
Deon Marius Viljoen 20 December 2019 48,340 R114.58 R5,538,797
Hylton David Kallner 20 December 2019 51,240 R114.58 R5,871,079
Ayanda Ntsaluba 20 December 2019 45,253 R114.58 R5,185,089
Alan Pollard 20 December 2019 14,662 R114.58 R1,679,972
Director of major Subsidiary Acceptance date Number of Reference Deemed
subsidiary shares price* transaction value
Jonathan Discovery 20 December 2019 210,744 R114.58 R24,147,048
Kenneth Steven Discovery 20 December 2019 36,124 R114.58 R4,139,088
*The reference price has been used in determining the share allocations and represents the volume weighted
average traded price of the Company’s shares for the 5 days ended 30 September 2019.
** Includes a once-off exceptional allocation relating to benchmarking and change of role.
24 December 2019
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 24-12-2019 10:15:00
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